|Debit or credit
|1110 Cash and cash equivalents
|Includes all assets that can be turned to cash in the near term. This includes cash accounts, marketable securities, and so forth.
|1111 Credit card receipts
|Where credit card receipts are posted. These are essentially the same as cash.
|1121 Accounts receivable
|Includes only trade AR accounts. Special accounts set up for employee receivables should be classified as other current assets.
|1122 Allowance for bad debts
|Applies only to the trade AR accounts. It is a contra account where the allowance for noncollectible or doubtful AR is recorded.
|Includes all types of inventory accounts.
|1190 Other current assets
|Includes all current assets not specifically designated in other asset categories.
|1211 Property, plant, and equipment
|Includes only the cost of the assets. A separate category is provided for the accumulated depreciation.
|1212 Accumulated depreciation
|Contra account used to record the accumulated depreciation for the assets (plant, property, and equipment).
|1290 Other noncurrent assets
|For all noncurrent assets except property, plant, and equipment.
|2110 Accounts payable
|For trade accounts payable only.
|2120 Short-term debt
|Records debt that will be fulfilled within the current year.
|2130 Credit cards payable
|For accounts where credit card purchases are recorded.
|2190 Other current liabilities
|Includes all other current liabilities except accounts payable and short-term debt.
|2210 Long-term debt
|Records debt that is more than one year in duration.
|2240 Other noncurrent liabilities
|Records all noncurrent liabilities other than long-term debt.
|Includes capital stock or other paid-in capital. Accumulated dividends are also included in this group.
|3200 Retained earnings
|Includes retained earnings for all prior years. If a special account is used for closing revenue and expense accounts during year-end processing, it should be either in this category or in Revenue/expense clearing.
|3999 Revenue/ expense clearing
|Reserved for the account used to close out the revenue and expenses as part of the year-end closing procedures.
|4000 Net sales
|Includes all sales accounts as well as returns and allowances.
|5000 Cost of sales
|Includes all direct costs of sales.
|6100 Amortization & depreciation exp
|Includes the expense to record depreciation and amortization costs. This is a non-cash type expense.
|6200 Bad debt expense
|Includes all bad debt expense. This is a non-cash expense.
|6300 Officer compensation
|Includes only accounts that are used to record expenses for compensation to officers of the company.
|6400 Interest expense
|Includes only accounts to record interest expense.
|6500 Operating expense
|Includes all expenses that are not specifically identified elsewhere.
|7100 NonOperating income
|Includes all revenue not identified as net sales.
|7200 NonOperating expense
|Records any other nonoperating expense.
|8000 Income taxes
|Records state and federal income taxes paid. Income tax refunds should also be recorded in this group.
Microsoft Small Business Financial Manager Copyright © 1996-1998 Microsoft Corporation
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